This is unsustainable, it's unacceptable, and it's going to change when I sign health insurance reform into law
Chicago, IL (Vocus) August 2, 2009 -–
President Obama’s Council of Economic Advisers recently released a report that outlined the effects the current system has on the costs of small business insurance premiums. Small Business Health Insurance (SBHI.net) gives the latest details on what aspects are concerning small business owners.
Approximately one-third of uninsured Americans, which equates to 13 million people, work for small businesses with fewer than 100 employees. The cost of health insurance for small groups such as these is on average 18% higher per worker than what larger companies pay for similar policies. Less than half of workers are offered insurance in companies with fewer than 10 employees.
In a prior radio address, President Obama recognized the high cost of business insurance premiums and that many have dealt with small business owner insurance by cutting benefits, dropping coverage, shedding jobs or closing down. "This is unsustainable, it's unacceptable, and it's going to change when I sign health insurance reform into law," President Obama said.
The small business community can give the current administration feedback on the challenges they face with providing health insurance for small groups through LinkedIn and on WhiteHouse.gov. Yet, it is still unclear how the reform will affect the cost of small business insurance premiums.
The most recent proposal from the House of Representative requires that any company with an annual payroll of $400,000 or more to offer health insurance to employees or pay a penalty of 8% of their payroll. Business with a payroll under $250,000 would be exempt from paying for health insurance for small groups. Any companies that fall between the two thresholds would pay reduced penalties. The penalties contribute to the national health insurance exchange that would allow for individuals and small companies to purchase insurance coverage.
Obtaining self employed health insurance and small business health insurance coverage is becoming increasingly difficult in the healthcare marketplace that is consistently changing. At SBHI.net, we aim to provide the best resources for citizens throughout the United States. Our products, guides, tax saving strategies and resources provide our visitors with valuable information that saves time and money. Please take a minute to browse our website to learn more about how SBHI.net can better serve your healthcare needs.